Saylor proposes Bitcoin as pure asset, adds digital stack

Michael Saylor, the executive chairman of Strategy, has outlined a framework arguing that Bitcoin should remain a pure digital asset without built-in yield mechanisms, with returns instead generated through financial products built on top of it. In a social media post on Tuesday, June 16, Saylor presented what he calls the "Digital Asset Stack," a five-layer model positioning Bitcoin as the foundational "digital capital" layer, with layers for digital credit, digital money, digital yield, and digital equity constructed above it.

Saylor stated that Bitcoin does not need protocol-level staking, inflation, or yield mechanisms akin to those on networks like Ethereum to reward investors. He argued that Bitcoin's core value derives from its scarcity, neutrality, and resistance to dilution, and that altering its protocol would undermine these principles. Instead, he contends that yield should be created through capital market structures that use Bitcoin as collateral, such as bitcoin-backed credit, structured debt, and equity products.

This framework directly supports the business model of Strategy, the company formerly known as MicroStrategy, which holds the largest Bitcoin treasury...